Single trip insurance

You’ve booked your vacation time and you are traveling overseas. This is also the year your son or daughter graduates from a university abroad. You know that you require travel insurance. What option do you choose, single trip insurance or a multi-trip policy.

Single Trip Insurance

Single trip insurance is the least expensive travel insurance option if you are only going to travel once or twice a year. Travel agents normally charge 4% to 7% of the cost of your trip. For a 1000 pound trip, you are looking at 40 to 70 pounds for single trip insurance. This is rather expensive.

You can purchase single trip insurance online and save 50% to 75% over your travel agent rate. You can use an online comparison service to find the best rate for your needs. Make sure you are receiving adequate coverage and review the excesses and exclusions.

Multi-Trip Insurance

With multi-trip insurance you pay an annual fee for travel insurance. This is the most cost effective option for travel insurance if you travel three or more times in a year. Multi-trip is ideal for business travel or for seniors spending their retirement years traveling the globe.

There is an “ease of use” factor in that you only have to acquire your travel insurance once per year and you’re covered for that year. If you are a spontaneous traveler, this may be a more favourable option as well.

Single Trip or Multi-Trip

When deciding whether to purchase single or multi-trip insurance, try to forecast your travel plans for the whole year. You will have to decide which plan is for you based on your circumstances. Remember, the basic rule is that if you plan on traveling more than twice per year, it will likely be cheaper to purchase multi-trip cover. Use the online comparison services to run through some scenarios based on your tentative plans.